Going from simple data to meaningful insights
It’s one thing to know that data has to be meaningful to be useful and an entirely different thing to achieve it. There are two significant hurdles to identifying your KPIs and gaining insight from the data.The first hurdle is that the data is housed in many different systems, services, and reporting methods – including paper records. Without a single digital hub that integrates data from all of the various sources in a central dashboard, there is no way to generate the insights needed to make fully informed business decisions about your facilities.The second hurdle is that stakeholders don’t have access to the right data at the right time to support their roles. The KPIs tracked by the facility manager are not identical to those needed by the compliance officer, leasing agent, maintenance technician, asset manager, or occupant. The digital hub should deliver only the key insights that support the needs of the stakeholder’s area of the business.Here’s where the investment in an end-to-end building management platform comes into play (and work in your favor).
"A single dashboard should capture whichever KPIs matter most to all areas of your business."
That means that your operational (work orders, inspections, tenant requests, maintenance records, etc.) and financial data need to filter into the digital hub. If your employees are still jumping between multiple software programs and reporting systems and pulling data into spreadsheets for manual analysis, that means that each program’s reporting capabilities aren’t cutting it.Integrating the systems within your building to fully build out the digital building twin allows you to easily navigate and clearly organize your data for trend spotting. There is so much data being continually generated by your building and captured in different tools, like building automation systems, accounting systems, CMMS / facility management systems, and more. Without integrating all of this data into one end-to-end platform, you can’t achieve the full picture of how your building operations are performing, where the critical issues are, where the biggest improvement opportunities are, or the effectiveness of your current improvement activities.By being able to compile all your data into a holistic visual dashboard, you can deliver the same kind of prioritized data that supports every level of your business – from individual facility to full portfolio – based on the data they need most, in the right format at the right time. Giving them access to only the data they need to see allows your team to focus in on what matters to them rather than combing through tons of (seemingly) meaningless data.
No single KPI framework can work for all companies or stakeholders within a company.
Effectiveness of the KPI is directly related to how useful it is to the function being performed to support the company’s business, organizational goals, facility management goals, and facility requirements. While KPIs alone cannot transform a facility’s performance, the ability to leverage the meaningful insights derived from them can be a strong driving force toward it.
